VENICE, Fla. — SinoFresh HealthCare on Friday announced that its board of directors has approved a 1-for-1,000 reverse stock split for its common stock only as part of a broad based plan to restructure the business.
The action effects shareholders of record as of May 20 and is effective on May 23, or as soon thereafter as FINRA, an independent securities regulator, has approved the action.
The board, along with SinoFresh’s senior management, stated that the reverse split significantly will reduce expense and administrative burdens for the company. The action also will facilitate the program adopted by the company to provide a long-term resolution of certain issues that relate to the company’s public filing.
The restructuring activity has no impact on the SinoFresh’s business operations, the company stated.